Best Payday Loan Alternatives for Bad Credit 2022

Last Update: January 25, 2022 Loan Reviews Loans
Loan Company: Min. Credit Score: APR: Amount:
OppLoans 0 59% – 160% $500 – $4,000
ZippyLoan 0 Vary $100 – $15,000
VivaLoan 0 Vary $100 – $15,000
SecondChanceLends 0 Vary $100 – $10,000
PickALender 0 Vary $100 – $40,000
LifeLoans 0 Vary $100 – $40,000
LendJetFunds 0 Vary $100 – $10,000
FundsJoy 0 Vary $100 – $5,000
WhiteRockLoans 0 Vary $100 – $5,000
LendUp 0 30% – 1252% $100 – $1,000
RiseCredit 0 60% – 299% $500 – $5,000
NetCredit 0 34% – 155% $1,000 – $10,000
PossibleFinance 0 150% – 200% $50 – $500
FigLoans 0 176% – 229% $50 – $800
VergeCredit 0 37% – 92% $500 – $5,000
EvenFinancial 550 2.49% – 35.99% $1,000 – $250,000

The gap between payday loans and personal loans is huge. Alternative payday loans can be categorized as everything that is between personal loans and payday loans. They offer up to $5,000, and the APR is typically between 35.99% to 400%. Alternative payday loans approve people with really bad credit. Most of them even don’t check people’s credit histories. However, they check your income, debt to income ratio, workplace, etc. Be careful because these loans are still expensive, and there is a risk of the debt cycle. However, they can save people with really bad credit and no other options than payday loans.

In this guide, we will explain everything about them. However, before reading the article, we highly recommend that you watch our video on personal loans. There we explain how people with bad credit can get approved on a personal loan.

Best Alternative Payday Loans 2022

For the latest updates, please check our marketplace.

What are Alternative Payday Loans?

When it comes to bad credit, people often end up getting payday loans. Do you know that there is a totally new type of loan company called alternative payday loans? Many people don’t even know about them and skip them …

If we have to categorize online loans, there are two main loans: personal and payday loans. Personal loans come with an APR of less than 35.99% and up to $100,000. Payday loans typically come with an APR of 400% and an amount of up to $1,000.

If you have bad credit, your chances to qualify for a personal loan with an APR of up to 35.99% are limited. Many people who don’t qualify for online personal loans end up with predatory payday loans. Don’t do this!

The lending market is much more flexible these days. Alternative payday loans have entered the stage.

Although there is no official definition, we typically define them as loans between personal and payday loans.

In brief, these are online loans that are more expensive than personal loans and offer less money, but getting approved for them is super easy.

There is still insufficient information on this topic, and we decided to dig deep into these companies and explain everything about them. Are they a good option? Are they legit, or maybe predatory like payday loans? When to use them, and when not? We will answer all of the questions and explain everything in detail, but before that, let us give you an overview of all options to borrow money if you have bad credit. You are probably reading this article because you have bad credit and want to learn more about all the options, right?

Online Unsecured Personal Loans. If you qualify, you can get up to $100,000 with an APR of up to 35.99%.

Online Secured Personal Loans. Secured loans are like regular personal loans, but the lender requires you to put something as collateral.

Alternative Payday Loans. We will explain more about them carefully later in this article.

Credit Cards for Bad Credit.

Credit Unions and Banks. Most banks will say no to bad credit. However, credit unions try to evaluate more factors like your ability to pay off the loan, but they still have some requirements, which are not too strict. Still, you won’t be approved if you don’t meet them.

Other options. We will discuss these later.


Loan Amount: $500 – $4,000
APR: 59% – 160%
Min. Credit Score: 0
Approval: < 1 Day
Terms: 9 – 18 Months
Origination Fee: N/A
DTI Ratio: N/A

OppLoans is a perfect example of alternative payday loans. According to the law, the amount they offer is up to $4,000, but it can be less in some states. OppLoans APR is 59% to 160%.

OppLoans Currently Offers Installment Loans in:
New Mexico
South Carolina

OppLoans Currently Offers Line of Credit Product in:

Loans Originated and Funded by FinWise Bank:
District of Columbia
North Dakota
Rhode Island
South Dakota


  • OppLoans won’t check your credit score.
  • Lower APR than traditional payday loans.
  • Higher loan amount than payday loans.
  • Loans with instant approval.


  • More expensive than personal loans.
  • Lower loan amount than personal loans.
  • Not available in many states because of law regulation.

Best for: Really Bad Credit


Loan Amount: $500 – $10,000
APR: 5.99% – 35.99%
Min. Credit Score: 0
Approval: 1 Day
Terms: 3 – 36 months
Origination Fee: N/A
DTI Ratio: N/A
Check rates

If you register with BadCreditLoans now, there is a chance to get personal loan offers before you even read this article, even if you have really bad credit. Bad credit, instant approval, no payday loans. This is true, really! is a huge marketplace for which offers loans to people with really bad credit. And they are NOT an alternative payday loan company. They offer only personal loans with an APR of up to 35.99%. People with bad credit typically receive about $500 – $3,000, while their amount is $10,000. If you are in a better financial situation and have a higher credit score (e.g., bad to fair), you can expect a higher amount.


  • Instant approval for bad credit loans.
  • Not a payday loan company.
  • Competitive APR of typically 15% – 35.99% for really bad credit is much better than traditional payday loans offers.
  • Amount of $10,000.
  • Huge lending network.
  • Free to register and no obligation to accept any offer.
  • The minimum credit score required is 0.


  • Some people in a really bad financial situation don’t receive offers.
  • People with really bad credit can’t qualify for their highest amount of $10,000. Instead, they can get about $500 to $3,000.
  • Not available in all states.

Best for: Really Bad Credit


Loan Amount: $1,000 – $35,000
APR: 5.99% – 35.99%
Min. Credit Score: 580
Approval: 1 Day
Terms: 90 days – 72 months
Origination Fee: 1 – 5%
DTI Ratio: N/A
Check rates

PersonalLoans is a great example of a personal loan company that works with people with bad credit. PersonalLoans have requirements that you have to meet, but they are not too strict.


  • Low credit score requirements of 580.
  • A low-income requirement of $1,000.
  • Bad credit is ok.
  • The highest amount allowed is $35,000.
  • Available in many states.


  • People with really bad credit can’t apply.
  • You can’t have an account with a late payment for longer than 60 days or a recent bankruptcy.
  • You can’t have any recent charge-offs or late payments.

Best for: Bad Credit

What are Alternative Online Payday Loans?

A personal loan comes with an APR of up to 35.99% and an amount of up to $100,000. A payday loan comes with an APR of 400%, and most often, the amount is up to $1,000. Although this is not set in stone, it is a standard in the lending business that most companies apply. The gap between these two types of companies is huge but, luckily, filled by – alternative payday loans.

We can define alternative payday loans as everything that is between personal and payday loans. Typically, their ARP is 35.99% to 400%. The amount that they offer is about $1,000 to $5,000. As you can see, the range is obviously broad, so the only way to define these companies is to say that they are something in between the other two types. But they play a different game, so you’ll find offers that are totally different.

The alternative lending business is on growth. A few years ago, there were not so many companies like these. The lending market is now much more flexible, and companies like these have emerged. However, there is a lack of information on this topic and no guides covering such companies in detail.

How do They Work?

They make the application process easy for people. They won’t check your credit score, although they can scan your bank information to get an idea of your income flow. They have a minimum credit score requirement of 0, but the average is about 500. Bad credit loans can be instantly approved.

Although they cross the border of traditional online personal loans, they do their best not to be marked as predatory. They offer education and help people to increase their credit scores. They stimulate people who increase their credit score by allowing them to pay their installments regularly at a lower APR. They report your payment history to credit bureaus. If you can’t make the payment, they allow you to skip it or avoid a late penalty fee.


  • Instant approval for bad credit loans.
  • Cheaper than payday loans.
  • Most of them don’t check your credit score.
  • Much more flexibility.
  • They are short-term, but most of them offer installment payments.
  • You can skip payments in some cases with a click of a button and no late penalty fees.
  • They offer help in building your credit score and offer many benefits if you achieve that goal.
  • If you pay on time and build credit, they can offer you a lower ARP within the same loan period or the next time when you apply for their loan.
  • Extended payment time on lump-sum loans without late fees, based on the limit in your state.
  • They will report your successful payment plan to credit bureaus, which will increase your credit score.
  • They will allow you to make changes to the loan payment plan.
  • Fewer additional and hidden fees.


  • Much more expensive than traditional personal loans.
  • They don’t offer loans higher than $5,000. Also, not all people can apply for this amount.
  • They operate in fewer states. Different states have different state regulations. Some states regulate online payday loans, other states make them completely illegal, and finally, those that don’t regulate loans at all. That is why you will see these companies only in some states, and in some cases, you will see different offers because of the laws. For example, in one state, they can offer $5,000, but the same company can offer only up to $1,000 in another state because of law regulations.

Note that these advantages and disadvantages only give you an idea of how these companies work. Not all companies have the same policies.

Best for: people with really bad credit who don’t have other options.

When to Use Alternative Payday Loans and When Not?

If you ask us whether we recommend these loans, the answer will be both yes and no. Our advice is to use them only if you really have no options other than to go and get a payday loan. These companies are better than traditional payday loans, but they are still expensive. Here is a quick guide on what to do before you consider alternative payday loans.

  • Shop around for online personal loans

There are so many companies that help people with bad credit. However, not all people can qualify because there are some requirements. If you can’t get a loan there, talk with the lender to lower the amount.

  • Try credit unions

Credit unions are more likely to check your real ability to pay the amount instead of considering only your credit score.

  • Secured personal loans or cosigner attached

These can be great options because they will increase your chances of getting approved, but the downside is that you risk the collateral. If you are sure that you can pay the amount on time, you will receive great offers even with bad credit, but if you can’t pay, this is a great risk. Use secured online loans only if you are sure that you can pay the amount on time. If not, don’t take your chances.

  • Try credit cards for bad credit

Credit cards for bad credit can be secured and unsecured. If you can apply for an unsecured card, get it, and you will instantly use the amount on it. Secured credit cards require you to pay a security deposit, typically equivalent to the card’s limit. So, you don’t get real money. However, some credit cards will allow you to pay an amount lower than the security deposit, which means you can use this difference between the limit on the card and the security deposit. To get a real idea of the amount you will get from secured credit cards, you also have to consider all fees, like the annual fee that can be instantly deducted from your card limit! Here we list the best credit cards for bad credit:

  • Work on your credit score

If you can wait for some time and increase your credit score, do it before applying for a personal loan. But if you don’t have time to wait, this won’t work for you because increasing your credit score is a slow process, although many sites say it is easy. That is simply not true.

If none of these options work for you, go and get an alternative online payday loan instead of getting a payday loan.

As we said, this is a huge but relatively new field in the lending business. The lending market is changing, and this is a process that will continue. We at ElitePersonalFinance carefully monitor this process and will always report to you the best options. But in brief, the overall situation looks good. It seems that things in the loan business are getting better and better.

More and more new companies like these have even more attractive offers!

Lenders will become more willing to lend you money!

You can expect more options and a higher approval success!

You can expect lower fees and more competitive offers!

What Other Big Sites and Financial Experts Say about These Companies?

A few years ago, none of the big and legit personal finance websites would recommend anything with an APR over 35.99%. Everything over this amount was considered predatory. And that was almost true because if people didn’t qualify for online personal loans, the next step was a payday loan with an average APR of 400%. With this totally new field of alternative payday loans, we see that these same websites are starting slightly but carefully to recommend them.

Financial experts widely trusted by people won’t really promote these loans, but they will still mention them. Some experts won’t say that they are a great alternative to payday loans. The other will recommend them but like the end option. Others say that they are more similar to predatory loans but better than payday loans. Others yet warn people that there is a possibility of a debt cycle and recommend using them carefully. And some recommend them only as the last chance to avoid payday loans.

In brief, these companies will continue to participate in the loan marketplace, but they are not the best option.

And we at ElitePersonalFinance, a site that shows great respect for our visitors, have a very similar opinion.

Be careful with these loans and use them only as a final resort. This type of loan is expensive, so make sure that you can repay it on time. Read the contract carefully.

What if I Can’t Apply for These Loans and Have to Get a Payday Loan or Auto Title Loan?

It would be easy to list the best payday loans online, but we have decided not to do it. And we recommend that you don’t look for them. There are many complaints from people who took payday loans, and we can’t risk being responsible for financial troubles that can happen to them.

If you really want to get a payday loan, there are other options for you. Other websites list them. We don’t.

You can type:

  • Best payday loans.
  • Online payday loans.
  • Payday loans instant approval.
  • Payday loans near me.
  • Payday loans + your location.
  • Payday loans for bad credit, no credit requirements, instant approval.

And you will find them very easily!

Few words about payday loans …

Payday loans typically say things like “no credit no problem,” “instant approval,” “fast money,” etc.

By definition, these are short-term loans paid at once, on the next day when you get your salary. And this looks alright. However, these loans have an APR of about 400%. If you get $300, you will have to pay $345 in 2 weeks, CFPB states. That’s a really high price.

Also, there is a risk of getting into a debt cycle. That is exactly what these unscrupulous lenders want!

People who can’t repay the money on time have to pay only a $30 fee for every $100 each month, which doesn’t lower the loan’s principal amount. And then, this process repeats until you pay the full amount. This is also known as a debt cycle. Unscrupulous lenders use this type of lending to target people who can’t repay their debts on time, thus earning a lot of money from them.

With auto title loans, things are almost the same. The difference is that you put your car as collateral, and for that, you receive a slightly lower APT ‒ about 300%. But there is a bonus. Not only a debt cycle and expensive loans, but you can also lose your car fast and easily! According to a study, 20% of Americans lose their cars to auto title loans.

Get online payday loans only if you are sure that you will repay the amount on time!

You can also search for installment payday loans. After the big changes in the personal loan business and some obvious improvements, the payday loan industry introduced installment payday loans.

More lenders have recently started to offer installment payday loans, which are slightly better because you can choose your payment plan and avoid a debt cycle. However, these are still very expensive and predatory!


Alternative payday loans are much better than payday loans, and they do help people. The competition between companies will make room for improvement, and some will build new companies like them. But relying only on the idea that this competition will stabilize the situation is discouraging. There is a need for a new standard that these companies will follow. We believe these companies will be much better and safer for people searching for loans if this happens.



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